Alternative Investing Report - September 10, 2025

*as of 9/9; Sources: S&P, BTC, FTSE, DJRE, CL50

OpenAI, one of the hottest pre-IPO names on the private markets, said in a blog post that any unauthorized share transfer is “void” and transfer could be rescinded. This follows the company’s condemnation of Robinhood’s decision to allow its European investors to trade tokenized shares of its stock.

➨ TAKEAWAY: If other startups follow OpenAI’s lead, it could pose problems for the burgeoning pre-IPO market and the many platforms catering to investors wanting access. There will still be a market for coveted shares of companies like OpenAI, but there would be additional risks to investors, who could see their legal standing eroded. It would also be an unfortunate setback, as retail investors are just starting to be able to get exposure to the top pre-IPO startups, an asset class that should be open to everyone.

Slava Rubin of Vincent, Josh Kampel of Worth Media, and Jan-Erik Asplund, co-founder of Sacra, discussed how investors should approach the emerging AI ecosystem and its most promising companies, and how investors can get exposure to the hottest sector in pre-IPO investing. Their conversation looked at the top 10 public and top 10 private companies, and the overall opportunities and challenges for investors within the AI landscape.

The number of actively listed homes in the U.S. is up 20.9% year-over-year, the 22nd consecutive month of year-on-year inventory gains. New listings rose 4.9% year-over-year, and pending home sales declined 1.3%. Overall, inventory has recovered in the West and South to above pre-pandemic levels, but is down significantly in the Midwest and Northeast. The cities with the most inventory compared to their pre-pandemic levels are Denver, San Antonio, and Austin, all cities that saw migration during the pandemic.

➨ TAKEAWAY: While inventory and new listings continue to rise, the pace of growth is slowing. The declining number of pending sales is leaving stale inventory on the market, and prices are starting to reflect that, with the median list price down 2.2% monthly and flat year-over-year. There is a clear dichotomy in the market right now, with the West and South moving to a buyer’s market and the Midwest and Northeast staying in a seller’s market.

📊 Small business optimism improves: The NFIB Small Business Optimism index rose 0.5% in August and is now solidly above its 52-year average reading, as owners are reporting stronger sales expectations and improved earnings, despite higher than usual levels of uncertainty.

🏡 Home purchase sentiment falls: The Fannie Mae Home Purchase Sentiment Index fell slightly in August, from 71.8 to 71.4, though 28% of potential buyers felt that now was a good time to buy compared to 23% in July. Concerns over selling conditions, home prices increasing and personal financial situations led to the slight fall in the overall index.

🤖 Cognition AI doubles valuation: The startup behind the AI coding agent Devin raised a $400 million round at a valuation of $10.2 billion, more than double its last valuation of $4 billion earlier this year.

🏈 Top football cards: With the NFL season kicking off, cllct took a look at the ten most expensive football cards ever sold, topped by a Patrick Mahomes card, who also holds five of the top ten slots.

🏢 Franchise trends: Coffee, Mexican, and Chicken-based retail chains saw the highest growth in visits in the first half of the year, while Burger and Sandwich chains saw the biggest drops. However, July and August saw a broad-based decline in visits per location as the economy started to slow.

🎨 Tracey Emin 2026 exhibit: The notable English modern artist, best known for her installation “My Bed,” is set to have her biggest exhibition ever next year at London’s Tate Modern museum.

Early Sunday, MYX — the native token of the decentralized exchange MYX Finance —was priced at around $1.30, up more than tenfold since early August, when it was around $0.10. In the last few days its price has again risen exponentially, nearing the $17 mark in what appears to be a short squeeze. There is some speculation that MYX received renewed attention when it listed the newly public Trump-linked WLFI token on its exchange, but the price action also indicates likely manipulation. While the MYX token is likely to see wild valuation swings and is incredibly risky, its rapid gain does show that the crypto market still has its share of potential lottery tickets. Just don’t invest anything you can’t afford to lose.